Security as a Service Global Market Report 2024

Security as a Service is a business model wherein a service provider offers or integrates security solutions into a company's infrastructure on a subscription basis. This model allows companies to leverage the expertise of a dedicated security team specialized in preventing breaches in cloud computing environments.

The primary types of Security as a Service encompass solutions and services. Solutions refer to security offerings delivered through the cloud or private network as a service model, including business continuity and disaster recovery, encryption, data loss prevention, identity and access management, intrusion management, security information and event management, vulnerability scanning, among others. Security as a Service finds applications in network security, endpoint security, application security, and cloud security. It is utilized by both small and medium-sized enterprises (SMEs) and large enterprises across various industries such as BFSI, telecom and IT, healthcare, retail, manufacturing, and government.

The security as a service market research report is one of a series of new reports that provides security as a service market statistic, including security as a service industry global market size, regional shares, competitors with a security as a service market share, detailed security as a service market segments, market trends and opportunities, and any further data you may need to thrive in the security as a service industry. This security as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The security as a service market size has grown rapidly in recent years. It will grow from $14.45 billion in 2023 to $15.94 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historical period can be attributed to cost-effective security solutions, the heightened complexity of the threat landscape, a focus on regulatory compliance, challenges associated with a remote workforce, reliance on vendor expertise and specialization, and the integration with existing infrastructure.

The security as a service market size is expected to see rapid growth in the next few years. It will grow to $26 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The anticipated growth in the forecast period can be attributed to the adoption of automated incident response, a heightened focus on user identity and access management, the incorporation of quantum-safe security solutions, the rise of application security services, and the implementation of continuous security training and awareness programs. Key trends expected in the forecast period include an increased emphasis on threat intelligence, the significance of endpoint security and mobile device management (MDM), the integration of identity and access management (IAM), the use of behavioral analytics for anomaly detection, and collaborative efforts with managed security service providers (MSSPs).

The surge in the adoption of cloud-based services has been a driving force behind the growth of the security as a service market. Cloud-based services, delivered over the Internet or dedicated networks, have witnessed increased adoption, particularly among small and medium-sized enterprises aiming to streamline their business models. This shift towards cloud services, accelerated by the COVID-19 pandemic and associated lockdowns, has made businesses more vulnerable to cyber-attacks. In response, companies are increasingly investing in cloud-based security services to safeguard against cyber threats and protect sensitive information. Ziff Davis reports that around 40% of the global workforce embraced cloud-based services in 2020, a figure expected to reach 80% by 2025, surpassing 100 Zettabytes of data in cloud data centers. Findstack further projects that 92% of an organization's IT environment will likely be in the cloud by 2022. Consequently, the growing adoption of cloud-based services is anticipated to drive the security as a service market in the forecast period.

The escalating frequency of cyberattacks is anticipated to be a significant driver for the security as a service market. Cyberattacks, characterized by deliberate and malicious actions, have become a prevalent threat. Security as a Service offers real-time threat detection, prevention, and incident response, strengthening cybersecurity measures to effectively mitigate and respond to such attacks. Checkpoint's data reveals a 38% increase in global cyberattacks in 2022 compared to 2021. This rise in cyber threats underscores the importance of security as a service in addressing and countering cyberattacks, thus driving market growth.

Major companies in the security as a service market are introducing cloud security offerings to enhance customer security. These offerings are designed to deliver a comprehensive range of solutions, securing workloads on platforms like AWS and on-premises, covering various aspects of cybersecurity. For example, HCLTech, an India-based technology company, expanded its Cloud Security as a Service (CSaaS) solutions by launching a suite on AWS in November 2022. These cybersecurity services aim to enhance security and resilience for AWS customers by leveraging industry best practices and certifications across threat detection, network protection, data security, identity and access management, compliance, and application security.

Leading companies in the security as a service market are also rolling out data security platforms to provide organizations with simplified data security solutions. A data security platform in Security as a Service acts as a comprehensive solution, safeguarding sensitive information and ensuring compliance through an integrated set of tools and services delivered via the cloud. Thales, a France-based technology company, launched its CipherTrust Data Security Platform as a Service in July 2023. This cloud-based subscription offering facilitates data discovery, protection, and control across on-premises and cloud environments, streamlining data security operations and offering flexible key management options.

In February 2022, Inspira Enterprise India Limited acquired Al Gebra Security & Solutions Pvt Ltd., an India-based provider of private identity access and cloud security management solutions. This strategic acquisition is expected to empower Inspira in assisting its customers to establish and maintain a secure and robust security architecture, meet legal obligations, reduce data breaches, and manage user identities more effectively.

Major companies operating in the in the security as a service market report are Trend Micro Incorporated, IBM Corporation, Microsoft Corporation, Zscaler Inc., Cisco Systems Inc.,Palo Alto Networks Inc., Broadcom Inc.,Fortinet Inc.,Symantec,Check Point Software Technologies Ltd.,Texas Pacific Group,Proofpoint Inc.,CrowdStrike Holdings Inc.,Akamai Technologies Inc.,Barracuda Networks Inc.,SonicWall Inc., Mandiant,Qualys Inc.,Rapid7 Inc,Bitdefender software,Sophos Group plc, Carbonite Inc., BlackBerry Ltd,CipherCloud India Pvt Ltd.,F5 Networks Inc.,Cybereason Inc.,Darktrace,Trustwave,Exabeam, AT&T Cybersecurity

North America was the largest region in the security as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the security as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The security as a service market includes revenues earned by entities by providing services such as threat intelligence and response, cybersecurity expertise, and constant monitoring for threats. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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